INTERNATIONAL STANDARD ON AUDITING 580 MANAGEMENT REPRESENTATIONS CONTENTS

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "INTERNATIONAL STANDARD ON AUDITING 580 MANAGEMENT REPRESENTATIONS CONTENTS"

Transcription

1 INTERNATIONAL STANDARD ON 580 MANAGEMENT REPRESENTATIONS (Effective for audits of financial statements for periods beginning on or after December 15, 2004) CONTENTS Paragraph Introduction Acknowledgment by Management of Its Responsibility for the Financial Statements... 3 Representations by Management as Audit Evidence Documentation of Representations by Management Action if Management Refuses to Provide Representations Appendix: Example of a Management Representation Letter International Standard on Auditing (ISA) 580, Management Representations should be read in the context of the Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, which sets out the application and authority of ISAs. ISA 240, The Auditor s Responsibility to Consider Fraud in an Audit of Financial Statements, ISA 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, ISA 330, The Auditor s Procedures in Response to Assessed Risks, and ISA 500, Audit Evidence gave rise to conforming amendments to ISA 580. The conforming amendments are effective for audits of financial statements for periods beginning on or after December 15, 2004 and have been incorporated in the text of ISA ISA 580

2 Introduction 1. The purpose of this International Standard on Auditing (ISA) is to establish standards and provide guidance on the use of management representations as audit evidence, the procedures to be applied in evaluating and documenting management representations and the action to be taken if management refuses to provide appropriate representations. 2. The auditor should obtain appropriate representations from management. Acknowledgment by Management of Its Responsibility for the Financial Statements 3. The auditor should obtain audit evidence that management acknowledges its responsibility for the fair presentation of the financial statements in accordance with the applicable financial reporting framework, and has approved the financial statements. The auditor can obtain audit evidence of management s acknowledgment of such responsibility and approval from relevant minutes of meetings of those charged with governance or by obtaining a written representation from management or a signed copy of the financial statements. Representations by Management as Audit Evidence 4. The auditor should obtain written representations from management on matters material to the financial statements when other sufficient appropriate audit evidence cannot reasonably be expected to exist. The possibility of misunderstandings between the auditor and management is reduced when oral representations are confirmed by management in writing. Matters which might be included in a letter from management or in a confirmatory letter to management are contained in the example of a management representation letter in the Appendix to this ISA. 5. Written representations requested from management may be limited to matters that are considered either individually or collectively material to the financial statements. Regarding certain items it may be necessary to inform management of the auditor s understanding of materiality. 5a. The auditor should obtain written representation from management that: (a) (b) It acknowledges its responsibility for the design and implementation of internal control to prevent and detect error; and It believes the effects of those uncorrected financial statement misstatements aggregated by the auditor during the audit are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. A summary of such items should be included in or attached to the written representations. ISA

3 6. During the course of an audit, management makes many representations to the auditor, either unsolicited or in response to specific inquiries. When such representations relate to matters which are material to the financial statements, the auditor will need to: (a) (b) Seek corroborative audit evidence from sources inside or outside the entity; Evaluate whether the representations made by management appear reasonable and consistent with other audit evidence obtained, including other representations; and (c) Consider whether the individuals making the representations can be expected to be well informed on the particular matters. 7. Representations by management cannot be a substitute for other audit evidence that the auditor could reasonably expect to be available. For example, a representation by management as to the cost of an asset is not a substitute for the audit evidence of such cost that an auditor would ordinarily expect to obtain. If the auditor is unable to obtain sufficient appropriate audit evidence regarding a matter which has, or may have, a material effect on the financial statements and such audit evidence is expected to be available, this will constitute a limitation in the scope of the audit, even if a representation from management has been received on the matter. 8. In certain instances, audit evidence other than that obtained by performing inquiry may not be reasonably expected to be available; therefore the auditor obtains a written representation by management. For example, the auditor may not be able to obtain other audit evidence to corroborate management s intention to hold a specific investment for long-term appreciation. 9. If a representation by management is contradicted by other audit evidence, the auditor should investigate the circumstances and, when necessary, reconsider the reliability of other representations made by management. Documentation of Representations by Management 10. The auditor would ordinarily include in audit working papers evidence of management s representations in the form of a summary of oral discussions with management or written representations from management. 11. A written representation is ordinarily more reliable audit evidence than an oral representation and can take the form of: (a) A representation letter from management; (b) A letter from the auditor outlining the auditor s understanding of management s representations, duly acknowledged and confirmed by management; or 541 ISA 580

4 (c) Relevant minutes of meetings of the board of directors or similar body or a signed copy of the financial statements. Basic Elements of a Management Representation Letter 12. When requesting a management representation letter, the auditor would request that it be addressed to the auditor, contain specified information and be appropriately dated and signed. 13. A management representation letter would ordinarily be dated the same date as the auditor s report. However, in certain circumstances, a separate representation letter regarding specific transactions or other events may also be obtained during the course of the audit or at a date after the date of the auditor s report, for example, on the date of a public offering. 14. A management representation letter would ordinarily be signed by the members of management who have primary responsibility for the entity and its financial aspects (ordinarily the senior executive officer and the senior financial officer) based on the best of their knowledge and belief. In certain circumstances, the auditor may wish to obtain representation letters from other members of management. For example, the auditor may wish to obtain a written representation about the completeness of all minutes of the meetings of shareholders, the board of directors and important committees from the individual responsible for keeping such minutes. Action if Management Refuses to Provide Representations 15. If management refuses to provide a representation that the auditor considers necessary, this constitutes a scope limitation and the auditor should express a qualified opinion or a disclaimer of opinion. In such circumstances, the auditor would evaluate any reliance placed on other representations made by management during the course of the audit and consider if the other implications of the refusal may have any additional effect on the auditor s report. ISA

5 Appendix Example of a Management Representation Letter The following letter is not intended to be a standard letter. Representations by management will vary from one entity to another and from one period to the next. Although seeking representations from management on a variety of matters may serve to focus management s attention on those matters, and thus cause management to specifically address those matters in more detail than would otherwise be the case, the auditor needs to be cognizant of the limitations of management representations as audit evidence as set out in this ISA. (To Auditor) (Entity Letterhead) (Date) This representation letter is provided in connection with your audit of the financial statements of ABC Company for the year ended December 31, 19X1 for the purpose of expressing an opinion as to whether the financial statements give a true and fair view of (present fairly, in all material respects) the financial position of ABC Company as of December 31, 19X1 and of the results of its operations and its cash flows for the year then ended in accordance with (indicate applicable financial reporting framework). We acknowledge our responsibility for the fair presentation of the financial statements in accordance with (indicate applicable financial reporting framework). 1 We confirm, to the best of our knowledge and belief, the following representations: Include here representations relevant to the entity. Such representations may include the following: There have been no irregularities involving management or employees who have a significant role in internal control or that could have a material effect on the financial statements. We have made available to you all books of account and supporting documentation and all minutes of meetings of shareholders and the board of directors (namely those held on March 15, 19X1 and September 30, 19X1, respectively). We confirm the completeness of the information provided regarding the identification of related parties. 1 If required, add On behalf of the board of directors (or similar body). 543 ISA 580 APPENDIX

6 The financial statements are free of material misstatements, including omissions. The Company has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of noncompliance. There has been no noncompliance with requirements of regulatory authorities that could have a material effect on the financial statements in the event of noncompliance. The following have been properly recorded and, when appropriate, adequately disclosed in the financial statements: The identity of, and balances and transactions with, related parties. Losses arising from sale and purchase commitments. Agreements and options to buy back assets previously sold. Assets pledged as collateral. We have no plans or intentions that may materially alter the carrying value or classification of assets and liabilities reflected in the financial statements. We have no plans to abandon lines of product or other plans or intentions that will result in any excess or obsolete inventory, and no inventory is stated at an amount in excess of net realizable value. The Company has satisfactory title to all assets and there are no liens or encumbrances on the company s assets, except for those that are disclosed in Note X to the financial statements. We have recorded or disclosed, as appropriate, all liabilities, both actual and contingent, and have disclosed in Note X to the financial statements all guarantees that we have given to third parties. Other than... described in Note X to the financial statements, there have been no events subsequent to period end which require adjustment of or disclosure in the financial statements or Notes thereto. The... claim by XYZ Company has been settled for the total sum of XXX which has been properly accrued in the financial statements. No other claims in connection with litigation have been or are expected to be received. There are no formal or informal compensating balance arrangements with any of our cash and investment accounts. Except as disclosed in Note X to the financial statements, we have no other line of credit arrangements. ISA 580 APPENDIX 544

7 We have properly recorded or disclosed in the financial statements the capital stock repurchase options and agreements, and capital stock reserved for options, warrants, conversions and other requirements. (Senior Executive Officer) (Senior Financial Officer) 545 ISA 580 APPENDIX

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 580 MANAGEMENT REPRESENTATIONS CONTENTS

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 580 MANAGEMENT REPRESENTATIONS CONTENTS INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 580 MANAGEMENT REPRESENTATIONS CONTENTS Paragraph Introduction... 1-2-1 Acknowledgment by Management of its Responsibility for the Financial Statements...

More information

Management Representations

Management Representations Management Representations 1941 AU Section 333 Management Representations (Supersedes SAS No. 19.) Source: SAS No. 85; SAS No. 89; SAS No. 99; SAS No. 113. See section 9333 for interpretations of this

More information

INTERNATIONAL STANDARD ON AUDITING 580 WRITTEN REPRESENTATIONS CONTENTS

INTERNATIONAL STANDARD ON AUDITING 580 WRITTEN REPRESENTATIONS CONTENTS INTERNATIONAL STANDARD ON AUDITING 580 WRITTEN REPRESENTATIONS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of

More information

INTERNATIONAL STANDARD ON AUDITING 710 COMPARATIVE INFORMATION CORRESPONDING FIGURES AND COMPARATIVE FINANCIAL STATEMENTS CONTENTS

INTERNATIONAL STANDARD ON AUDITING 710 COMPARATIVE INFORMATION CORRESPONDING FIGURES AND COMPARATIVE FINANCIAL STATEMENTS CONTENTS INTERNATIONAL STANDARD ON 710 COMPARATIVE INFORMATION CORRESPONDING FIGURES AND COMPARATIVE FINANCIAL STATEMENTS (Effective for audits of financial statements for periods beginning on or after December

More information

INTERNATIONAL STANDARD ON AUDITING 705 MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITOR S REPORT CONTENTS

INTERNATIONAL STANDARD ON AUDITING 705 MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITOR S REPORT CONTENTS INTERNATIONAL STANDARD ON AUDITING 705 MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITOR S REPORT (Effective for audits of financial statements for periods beginning on or after December 15, 2009)

More information

INTERNATIONAL STANDARD ON REVIEW ENGAGEMENTS 2410 REVIEW OF INTERIM FINANCIAL INFORMATION PERFORMED BY THE INDEPENDENT AUDITOR OF THE ENTITY CONTENTS

INTERNATIONAL STANDARD ON REVIEW ENGAGEMENTS 2410 REVIEW OF INTERIM FINANCIAL INFORMATION PERFORMED BY THE INDEPENDENT AUDITOR OF THE ENTITY CONTENTS INTERNATIONAL STANDARD ON ENGAGEMENTS 2410 OF INTERIM FINANCIAL INFORMATION PERFORMED BY THE INDEPENDENT AUDITOR OF THE ENTITY (Effective for reviews of interim financial information for periods beginning

More information

(Effective for audits for periods beginning on or after December 15, 2009) CONTENTS

(Effective for audits for periods beginning on or after December 15, 2009) CONTENTS INTERNATIONAL STANDARD ON AUDITING 805 SPECIAL CONSIDERATIONS AUDITS OF SINGLE FINANCIAL STATEMENTS AND SPECIFIC ELEMENTS, ACCOUNTS OR ITEMS OF A FINANCIAL STATEMENT (Effective for audits for periods beginning

More information

Modifications to the Opinion in the Independent Auditor s Report

Modifications to the Opinion in the Independent Auditor s Report ISA 705 January 2009 International Standard on Auditing Modifications to the Opinion in the Independent Auditor s Report INTERNATIONAL STANDARD ON AUDITING 705 Modifications to the Opinion in the Independent

More information

INTERNATIONAL STANDARD ON AUDITING 501 AUDIT EVIDENCE ADDITIONAL CONSIDERATIONS FOR SPECIFIC ITEMS CONTENTS

INTERNATIONAL STANDARD ON AUDITING 501 AUDIT EVIDENCE ADDITIONAL CONSIDERATIONS FOR SPECIFIC ITEMS CONTENTS INTERNATIONAL STANDARD ON AUDITING 501 AUDIT EVIDENCE ADDITIONAL CONSIDERATIONS FOR SPECIFIC ITEMS (This Standard is effective, but contains conforming amendments that become effective at a future date)

More information

Modifications to the Opinion in the Independent Auditor s Report

Modifications to the Opinion in the Independent Auditor s Report SINGAPORE STANDARD SSA 705 ON AUDITING Modifications to the Opinion in the Independent Auditor s Report SSA 705 was issued in January 2010. Auditors are required to comply with the auditing standards contained

More information

INTERNATIONAL STANDARD ON AUDITING 320 AUDIT MATERIALITY CONTENTS

INTERNATIONAL STANDARD ON AUDITING 320 AUDIT MATERIALITY CONTENTS INTERNATIONAL STANDARD ON AUDITING 320 AUDIT MATERIALITY (This Standard is effective, but contains conforming amendments that become effective at a future date) * CONTENTS Paragraph Introduction... 1-3

More information

Independent Auditor s

Independent Auditor s HKSA 701 Issued October 2006 Effective for auditor s reports dated on or after 31 December 2006 Hong Kong Standard on Auditing 701 Modifications to the Independent Auditor s Report HONG KONG STANDARD ON

More information

INTERNATIONAL STANDARD ON AUDITING 510 INITIAL AUDIT ENGAGEMENTS OPENING BALANCES CONTENTS

INTERNATIONAL STANDARD ON AUDITING 510 INITIAL AUDIT ENGAGEMENTS OPENING BALANCES CONTENTS INTERNATIONAL STANDARD ON AUDITING 510 INITIAL AUDIT ENGAGEMENTS OPENING BALANCES (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction

More information

conducting an audit in accordance with Canadian generally accepted auditing standards.

conducting an audit in accordance with Canadian generally accepted auditing standards. ROBERTS,MARLOWE, JACKSON, JACKSON & ASSOCIATES {l~~ CHRISTOPHERJ. ROBERTS,CA CHARLES W. MARLOWE, CA WAYNE JACKSON, B.A.,CA GARY J. JACKSON, B.B.M.,CA 22 Stevenson Road South Oshawa, Ontario L1J 5L9 Oshawa

More information

INTERNATIONAL STANDARD ON AUDITING 706 EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT AUDITOR S REPORT CONTENTS

INTERNATIONAL STANDARD ON AUDITING 706 EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT AUDITOR S REPORT CONTENTS INTERNATIONAL STANDARD ON AUDITING 706 EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT AUDITOR S REPORT (Effective for audits of financial statements for periods beginning

More information

Additional Considerations

Additional Considerations Issued June 2005 Effective for audits of financial statements for periods beginning on or after 15 December 2004 Hong Kong Standard on Auditing 501 Audit Evidence Additional Considerations for Specific

More information

INTERNATIONAL STANDARD ON RELATED SERVICES 4410 ENGAGEMENTS TO COMPILE FINANCIAL STATEMENTS CONTENTS

INTERNATIONAL STANDARD ON RELATED SERVICES 4410 ENGAGEMENTS TO COMPILE FINANCIAL STATEMENTS CONTENTS INTERNATIONAL STANDARD ON RELATED SERVICES 4410 (Previously ISA 930) ENGAGEMENTS TO COMPILE FINANCIAL STATEMENTS (This Standard is effective) CONTENTS Paragraph Introduction... 1 2 Objective of a Compilation

More information

INTERNATIONAL STANDARD ON AUDITING 570 GOING CONCERN CONTENTS

INTERNATIONAL STANDARD ON AUDITING 570 GOING CONCERN CONTENTS INTERNATIONAL STANDARD ON AUDITING 570 GOING CONCERN (Effective for audits of financial statements for periods ending on or after December 31, 2000, but contains conforming amendments that become effective

More information

Management Representation Lettera, b, c, d, e. [Client s Letterhead]

Management Representation Lettera, b, c, d, e. [Client s Letterhead] NPO 2/14 61 : Management Representation Lettera, b, c, d, e [Client s Letterhead] [Date] f [CPA Firm s Name and Address] This representation letter is provided in connection with your audit of the financial

More information

Modifications to the Opinion in the Independent Auditor s Report

Modifications to the Opinion in the Independent Auditor s Report HKSA 705 Issued September 2009, revised July 2010, June 2014* Effective for audits of financial statements for periods beginning on or after 15 December 2009 Hong Kong Standard on Auditing 705 Modifications

More information

Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement

Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement Special Considerations Audits of Single Financial Statements 915 AU-C Section 805 Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement

More information

INTERNATIONAL STANDARD ON AUDITING 540 AUDIT OF ACCOUNTING ESTIMATES CONTENTS

INTERNATIONAL STANDARD ON AUDITING 540 AUDIT OF ACCOUNTING ESTIMATES CONTENTS INTERNATIONAL STANDARD ON AUDITING 540 AUDIT OF ACCOUNTING ESTIMATES (This Standard is effective, but contains conforming amendments that become effective at a future date) * CONTENTS Paragraph Introduction...

More information

Kansas City Area Transportation Authority Retirement Plan for Salaried Employees. Report to the Salaried Pension Committee April 12, 2016

Kansas City Area Transportation Authority Retirement Plan for Salaried Employees. Report to the Salaried Pension Committee April 12, 2016 Kansas City Area Transportation Authority Retirement Plan for Salaried Employees Report to the Salaried Pension Committee April 12, 2016 April 12, 2016 The Salaried Pension Committee Kansas City Area Transportation

More information

BEGINNING ON OR AFTER APRIL 1, 2012) I.534 Auditing and Assurance

BEGINNING ON OR AFTER APRIL 1, 2012) I.534 Auditing and Assurance I.534 Auditing and Assurance SA 706 EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT AUDITOR S REPORT (EFFECTIVE FOR ALL AUDITS RELATING TO ACCOUNTING PERIODS BEGINNING ON OR

More information

Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement ISA 805 March 2009 International Standard on Auditing Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement INTERNATIONAL STANDARD

More information

ISSAI 1705. Modifications to the Opinion in the Independent Auditor s Report. Financial Audit Guideline

ISSAI 1705. Modifications to the Opinion in the Independent Auditor s Report. Financial Audit Guideline The International Standards of Supreme Audit Institutions, ISSAI, are issued by the International Organization of Supreme Audit Institutions, INTOSAI. For more information visit www.issai.org. Financial

More information

(Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS

(Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS INTERNATIONAL STANDARD ON 200 OVERALL OBJECTIVES OF THE INDEPENDENT AUDITOR AND THE CONDUCT OF AN AUDIT IN ACCORDANCE WITH INTERNATIONAL STANDARDS ON (Effective for audits of financial statements for periods

More information

NHS BOARD MEETING. 25 June 2008. Subject: Purpose: Recommendation: Management Representation Letter

NHS BOARD MEETING. 25 June 2008. Subject: Purpose: Recommendation: Management Representation Letter NHS Board Meeting 25 June 2008 Paper 8 NHS BOARD MEETING 25 June 2008 Subject: Purpose: Recommendation: Management Representation Letter To provide assurance to external auditors That the Board approve

More information

INTERNATIONAL STANDARD ON ASSURANCE ENGAGEMENTS (ISAE) 3402 ASSURANCE REPORTS ON CONTROLS AT A SERVICE ORGANIZATION

INTERNATIONAL STANDARD ON ASSURANCE ENGAGEMENTS (ISAE) 3402 ASSURANCE REPORTS ON CONTROLS AT A SERVICE ORGANIZATION INTERNATIONAL STANDARD ON ASSURANCE ENGAGEMENTS (ISAE) 3402 ASSURANCE REPORTS ON CONTROLS AT A SERVICE ORGANIZATION (Effective for service auditors assurance reports covering periods ending on or after

More information

Initial Audit Engagements Opening Balances

Initial Audit Engagements Opening Balances HKSA 510 Issued September 2009; revised July 2010, June 2014* Effective for audits of financial statements for periods beginning on or after 15 December 2009 Hong Kong Standard on Auditing 510 Initial

More information

INTERNATIONAL STANDARD ON AUDITING 450 EVALUATION OF MISSTATEMENTS IDENTIFIED DURING THE AUDIT

INTERNATIONAL STANDARD ON AUDITING 450 EVALUATION OF MISSTATEMENTS IDENTIFIED DURING THE AUDIT INTERNATIONAL STANDARD ON AUDITING 450 EVALUATION OF MISSTATEMENTS IDENTIFIED DURING THE AUDIT (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS

More information

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 700 THE AUDITOR S REPORT ON FINANCIAL STATEMENTS CONTENTS

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 700 THE AUDITOR S REPORT ON FINANCIAL STATEMENTS CONTENTS INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 700 THE AUDITOR S REPORT ON FINANCIAL STATEMENTS CONTENTS Paragraphs Introduction... 1-4 Basic Elements of the Auditor s Report... 5-26-1 The Auditor

More information

INTERNATIONAL STANDARD ON AUDITING 200 OBJECTIVE AND GENERAL PRINCIPLES GOVERNING AN AUDIT OF FINANCIAL STATEMENTS CONTENTS

INTERNATIONAL STANDARD ON AUDITING 200 OBJECTIVE AND GENERAL PRINCIPLES GOVERNING AN AUDIT OF FINANCIAL STATEMENTS CONTENTS INTERNATIONAL STANDARD ON AUDITING 200 OBJECTIVE AND GENERAL PRINCIPLES GOVERNING (Effective for audits of financial statements for periods beginning on or after December 15, 2005. The Appendix contains

More information

Auditing Accounting Estimates

Auditing Accounting Estimates Auditing Accounting Estimates 2057 AU Section 342 Auditing Accounting Estimates Source: SAS No. 57; SAS No. 113. See section 9342 for interpretations of this section. Effective for audits of financial

More information

INTERNATIONAL STANDARD ON AUDITING 600 SPECIAL CONSIDERATIONS AUDITS OF GROUP FINANCIAL STATEMENTS (INCLUDING THE WORK OF COMPONENT AUDITORS) CONTENTS

INTERNATIONAL STANDARD ON AUDITING 600 SPECIAL CONSIDERATIONS AUDITS OF GROUP FINANCIAL STATEMENTS (INCLUDING THE WORK OF COMPONENT AUDITORS) CONTENTS INTERNATIONAL STANDARD ON AUDITING 600 SPECIAL CONSIDERATIONS AUDITS OF GROUP FINANCIAL STATEMENTS (INCLUDING THE WORK OF COMPONENT AUDITORS) (Effective for audits of group financial statements for periods

More information

Planning and Supervision

Planning and Supervision Planning and Supervision 1633 AU Section 311 Planning and Supervision (Supersedes SAS No. 22) Source: SAS No. 108; SAS No. 114. See section 9311 for interpretations of this section. Effective for audits

More information

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 200

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 200 INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 200 OVERALL OBJECTIVES OF THE INDEPENDENT AUDITOR AND THE CONDUCT OF AN AUDIT IN ACCORDANCE WITH INTERNATIONAL STANDARDS ON AUDITING (UK AND IRELAND)

More information

Communications Between Predecessor and Successor Auditors

Communications Between Predecessor and Successor Auditors Communications Between Predecessor and Successor Auditors 1711 AU Section 315 Communications Between Predecessor and Successor Auditors (Supersedes SAS No. 7.) Source: SAS No. 84; SAS No. 93. Effective

More information

Singapore Standard on Assurance Engagements Assurance Reports on Controls at a Service Organization

Singapore Standard on Assurance Engagements Assurance Reports on Controls at a Service Organization SINGAPORE STANDARD ON ASSURANCE ENGAGEMENTS SSAE 3402 Singapore Standard on Assurance Engagements Assurance Reports on Controls at a Service Organization Conforming Amendments Preface to the Singapore

More information

Inquiry Regarding Litigation and Claims

Inquiry Regarding Litigation and Claims Auditing Standard AUS 508 (July 2002) Inquiry Regarding Litigation and Claims Prepared by the Auditing & Assurance Standards Board of the Australian Accounting Research Foundation Issued by the Australian

More information

Opening Balances Initial Audit Engagements, Including Reaudit Engagements

Opening Balances Initial Audit Engagements, Including Reaudit Engagements Opening Balances Initial Audit Engagements 469 AU-C Section 510 Opening Balances Initial Audit Engagements, Including Reaudit Engagements Source: SAS No. 122. Effective for audits of financial statements

More information

Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors)

Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors) HKSA 600 Issued September 2009; revised July 2010, May 2013, June 2014*, February 2015 Effective for audits of financial statements for periods beginning on or after 15 December 2009 Hong Kong Standard

More information

Special Reports 2291. See section 9623 for interpretations of this section.

Special Reports 2291. See section 9623 for interpretations of this section. Special Reports 2291 AU Section 623 Special Reports (Supersedes section 621.) Source: SAS No. 62; SAS No. 77. See section 9623 for interpretations of this section. Effective for reports issued on or after

More information

accounting alert New Wording for the Independent Auditor s Report

accounting alert New Wording for the Independent Auditor s Report Certified Public Accountants accounting alert 2006-04: December 14, 2006 New Wording for the Independent Auditor s Report In a capsule A new wording for the independent auditor s report with unqualified

More information

Matters that do affect the auditor s opinion. Example 1 Qualified opinion disagreement with management

Matters that do affect the auditor s opinion. Example 1 Qualified opinion disagreement with management Examples of Modified Auditors Reports on Financial Statements Prepared in Accordance with the SME-FRS based on HKSA 701 Modifications to the Independent Auditor s Report Matters that do affect the auditor

More information

Modifications to the Opinion in the Independent Auditor s Report

Modifications to the Opinion in the Independent Auditor s Report Modifications to the Opinion in the Independent Auditor s Report 771 AU-C Section 705 Modifications to the Opinion in the Independent Auditor s Report Source: SAS No. 122; SAS No. 123. Effective for audits

More information

Auditing Standard ASA 600 Special Considerations Audits of a Group Financial Report (Including the Work of Component Auditors)

Auditing Standard ASA 600 Special Considerations Audits of a Group Financial Report (Including the Work of Component Auditors) ASA 600 (October 2009) Auditing Standard ASA 600 Special Considerations Audits of a Group Financial Report (Including the Work of Component Auditors) Issued by the Auditing and Assurance Standards Board

More information

INTERNATIONAL STANDARD ON AUDITING 800 SPECIAL CONSIDERATIONS AUDITS OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH SPECIAL PURPOSE FRAMEWORKS

INTERNATIONAL STANDARD ON AUDITING 800 SPECIAL CONSIDERATIONS AUDITS OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH SPECIAL PURPOSE FRAMEWORKS INTERNATIONAL STANDARD ON AUDITING 800 SPECIAL CONSIDERATIONS AUDITS OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH SPECIAL PURPOSE FRAMEWORKS (Effective for audits of financial statements for periods

More information

INTERNATIONAL STANDARD ON ASSURANCE ENGAGEMENTS 3000 ASSURANCE ENGAGEMENTS OTHER THAN AUDITS OR REVIEWS OF HISTORICAL FINANCIAL INFORMATION CONTENTS

INTERNATIONAL STANDARD ON ASSURANCE ENGAGEMENTS 3000 ASSURANCE ENGAGEMENTS OTHER THAN AUDITS OR REVIEWS OF HISTORICAL FINANCIAL INFORMATION CONTENTS INTERNATIONAL STANDARD ON ASSURANCE ENGAGEMENTS 3000 ASSURANCE ENGAGEMENTS OTHER THAN AUDITS OR REVIEWS OF HISTORICAL FINANCIAL INFORMATION (Effective for assurance reports dated on or after January 1,

More information

NEW & REVISED AUDIT REPORTING STANDARDS AN OVERVIEW

NEW & REVISED AUDIT REPORTING STANDARDS AN OVERVIEW NEW & REVISED AUDIT REPORTING STANDARDS AN OVERVIEW LACPA 20 th International Conference November 26 th, 2015 Loutfi K. Echhade Board of Directors - IMA 1 What ISAs are changing? ISA 700 (Revised) Forming

More information

TO: Audit Committee FROM: Paul J. J. Duggan, Director, Audit Services DATE: January 26, 2016 RE: Sample Management Representation Letter to KPMG

TO: Audit Committee FROM: Paul J. J. Duggan, Director, Audit Services DATE: January 26, 2016 RE: Sample Management Representation Letter to KPMG Office of the Chief Administrative Officer Audit Services Branch Memorandum TO: Audit Committee FROM: Paul J. J. Duggan, Director, Audit Services DATE: January 26, 2016 RE: Sample Management Representation

More information

INTERNATIONAL STANDARD ON AUDITING 610 CONSIDERING THE WORK OF INTERNAL AUDIT CONTENTS

INTERNATIONAL STANDARD ON AUDITING 610 CONSIDERING THE WORK OF INTERNAL AUDIT CONTENTS INTERNATIONAL STANDARD ON AUDITING 610 CONSIDERING THE WORK OF INTERNAL AUDIT (This Standard is effective, but contains conforming amendments that become effective at a future date) * CONTENTS Paragraph

More information

Inquiry of a Client s Lawyer Concerning Litigation, Claims, and Assessments 1

Inquiry of a Client s Lawyer Concerning Litigation, Claims, and Assessments 1 Inquiry of a Client s Lawyer 1985 AU Section 337 Inquiry of a Client s Lawyer Concerning Litigation, Claims, and Assessments 1 Source: SAS No. 12. See section 9337 for interpretations of this section.

More information

Materiality and Audit Adjustments

Materiality and Audit Adjustments Auditing Standard AUS 306 (June 2001) Materiality and Audit Adjustments Prepared by the Auditing & Assurance Standards Board of the Australian Accounting Research Foundation Issued by the Australian Accounting

More information

Compilation of Financial Statements: Accounting and Review Services Interpretations of Section 80

Compilation of Financial Statements: Accounting and Review Services Interpretations of Section 80 Compilation of Financial Statements 2035 AR Section 9080 Compilation of Financial Statements: Accounting and Review Services Interpretations of Section 80 1. Reporting When There Are Significant Departures

More information

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 501 AUDIT EVIDENCE SPECIFIC CONSIDERATIONS FOR SELECTED ITEMS CONTENTS

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 501 AUDIT EVIDENCE SPECIFIC CONSIDERATIONS FOR SELECTED ITEMS CONTENTS INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 501 AUDIT EVIDENCE SPECIFIC CONSIDERATIONS FOR SELECTED ITEMS (Effective for audits of financial statements for periods ending on or after 15 December

More information

INTERNATIONAL STANDARD ON AUDITING 501 AUDIT EVIDENCE SPECIFIC CONSIDERATIONS FOR SELECTED ITEMS CONTENTS

INTERNATIONAL STANDARD ON AUDITING 501 AUDIT EVIDENCE SPECIFIC CONSIDERATIONS FOR SELECTED ITEMS CONTENTS INTERNATIONAL STANDARD ON 501 AUDIT EVIDENCE SPECIFIC CONSIDERATIONS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope

More information

SA 570(REVISED) GOING CONCERN (EFFECTIVE FOR AUDITS OF FINANCIAL STATEMENTS

SA 570(REVISED) GOING CONCERN (EFFECTIVE FOR AUDITS OF FINANCIAL STATEMENTS I.434 Auditing and Assurance SA 570(REVISED) GOING CONCERN (EFFECTIVE FOR AUDITS OF FINANCIAL STATEMENTS FOR PERIODS BEGINNING ON OR AFTER APRIL 1, 2009) INTRODUCTION Scope of this SA 1. This Standard

More information

New Zealand Institute of Chartered Accountants INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 700 1

New Zealand Institute of Chartered Accountants INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 700 1 Issued 07/09 New Zealand Institute of Chartered Accountants INTERNATIONAL STANDARD ON AUDITING (NEW ZEALAND) 700 1 FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS Issued by the Council of the

More information

INTERNATIONAL STANDARD ON AUDITING 700 FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS CONTENTS

INTERNATIONAL STANDARD ON AUDITING 700 FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS CONTENTS INTERNATIONAL STANDARD ON 700 FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph

More information

INTERNATIONAL STANDARD ON AUDITING 320 MATERIALITY IN PLANNING AND PERFORMINGAN AUDIT CONTENTS

INTERNATIONAL STANDARD ON AUDITING 320 MATERIALITY IN PLANNING AND PERFORMINGAN AUDIT CONTENTS INTERNATIONAL STANDARD ON 320 MATERIALITY IN PLANNING AND PERFORMINGAN AUDIT (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction

More information

INTERNATIONAL STANDARD ON AUDITING 600 USING THE WORK OF ANOTHER AUDITOR CONTENTS

INTERNATIONAL STANDARD ON AUDITING 600 USING THE WORK OF ANOTHER AUDITOR CONTENTS INTERNATIONAL STANDARD ON AUDITING 600 USING THE WORK OF ANOTHER AUDITOR (This Standard is effective) CONTENTS Paragraph Introduction... 1-5 Acceptance as Principal Auditor... 6 The Principal Auditor s

More information

Bulletin 2006-007. Date Issued: June 28, 2006. All Public Offices Independent Public Accountants. Betty Montgomery Ohio Auditor of State

Bulletin 2006-007. Date Issued: June 28, 2006. All Public Offices Independent Public Accountants. Betty Montgomery Ohio Auditor of State Date Issued: June 28, 2006 Bulletin 2006-007 TO: FROM: All Public Offices Independent Public Accountants Betty Montgomery Ohio Auditor of State SUBJECT: Public Contracting/Required Financial Reviews (Sections

More information

Quality Control Program

Quality Control Program Quality Control Program Review Check List Issued by Quality Control Review Committee The Page 1 of 32 Contents 1 Pre Engagement Activities 3 2 Financial Statements Audit 6 3 Audit Report and Financial

More information

Auditing Derivative Instruments, Hedging Activities, and Investments in Securities 1

Auditing Derivative Instruments, Hedging Activities, and Investments in Securities 1 Auditing Derivative Instruments 1915 AU Section 332 Auditing Derivative Instruments, Hedging Activities, and Investments in Securities 1 (Supersedes SAS No. 81.) Source: SAS No. 92. See section 9332 for

More information

Client: Year end: File no: Ref: A AUDIT FILE INDEX. 1 Final accounts. 2 Tax computations. 3 Final journals. 4 Draft accounts, typing instructions

Client: Year end: File no: Ref: A AUDIT FILE INDEX. 1 Final accounts. 2 Tax computations. 3 Final journals. 4 Draft accounts, typing instructions Client: Year end: File no: A A AUDIT FILE INDEX 1 Final accounts 2 Tax computations 3 Final journals 4 Draft accounts, typing instructions 5 Letter of representation 6 Letter to management 7 Company accounts

More information

RECOMMENDED PRACTICE GUIDE 4. Auditor s Reports and Qualification. (Revised pursuant to issuance of ISA 700 (Revised))

RECOMMENDED PRACTICE GUIDE 4. Auditor s Reports and Qualification. (Revised pursuant to issuance of ISA 700 (Revised)) RECOMMENDED PRACTICE GUIDE 4 Auditor s Reports and Qualification (Revised pursuant to issuance of ISA 700 (Revised)) ISSUED BY MALAYSIAN INSTITUTE OF ACCOUNTANTS Dewan Akauntan, No. 2 Jalan Tun Sambanthan

More information

Consideration of Laws and Regulations in an Audit of Financial Statements

Consideration of Laws and Regulations in an Audit of Financial Statements Consideration of Laws and Regulations 193 AU-C Section 250 Consideration of Laws and Regulations in an Audit of Financial Statements Source: SAS No. 122. Effective for audits of financial statements for

More information

Audit Documentation 2029. See section 9339 for interpretations of this section.

Audit Documentation 2029. See section 9339 for interpretations of this section. Audit Documentation 2029 AU Section 339 Audit Documentation (Supersedes SAS No. 96.) Source: SAS No. 103. See section 9339 for interpretations of this section. Effective for audits of financial statements

More information

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 450 EVALUATION OF MISSTATEMENTS IDENTIFIED DURING THE AUDIT

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 450 EVALUATION OF MISSTATEMENTS IDENTIFIED DURING THE AUDIT INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 450 EVALUATION OF MISSTATEMENTS IDENTIFIED DURING THE AUDIT (Effective for audits of financial statements for periods ending on or after 15 December

More information

Proposed Auditing Standard: Inquiry Regarding Litigation and Claims (Re-issuance of AUS 508)

Proposed Auditing Standard: Inquiry Regarding Litigation and Claims (Re-issuance of AUS 508) EXPOSURE DRAFT ED 27/05 (December 2005) Proposed Auditing Standard: Inquiry Regarding Litigation and Claims Prepared and Issued by the Auditing and Assurance Standards Board Commenting on this Exposure

More information

Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors)

Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors) Special Considerations---Audits of Group Financial Statements 607 AU-C Section 600 Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors) Source: SAS No.

More information

Audit Evidence ISA 500

Audit Evidence ISA 500 Audit Evidence ISA 500 Definition ISA 500 DEFINES AUDIT EVIDENCE AS THE INFORMATION ISA 500 DEFINES AUDIT EVIDENCE AS THE INFORMATION USED BY THE AUDITOR IN ARRIVING AT THE CONCLUSIONS ON WHICH THE AUDIT

More information

G5INTERNATIONAL STANDARD ON AUDITING 570 GOING CONCERN CONTENTS

G5INTERNATIONAL STANDARD ON AUDITING 570 GOING CONCERN CONTENTS G5INTERNATIONAL STANDARD ON 570 GOING CONCERN (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this ISA... 1 Going

More information

Audit Risk and Materiality in Conducting an Audit

Audit Risk and Materiality in Conducting an Audit Audit Risk and Materiality in Conducting an Audit 1647 AU Section 312 Audit Risk and Materiality in Conducting an Audit (Supersedes SAS No. 47.) Source: SAS No. 107. See section 9312 for interpretations

More information

Modified Auditor's Reports on Financial Statements, Illustrations and Contents. Members Information & Education Series MIES-7

Modified Auditor's Reports on Financial Statements, Illustrations and Contents. Members Information & Education Series MIES-7 on Financial Statements, Illustrations and Contents Members Information & Education Series MIES-7 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF PAKISTAN on Financial Statements, Illustrations and Contents

More information

Audit Evidence Specific Considerations for Selected Items

Audit Evidence Specific Considerations for Selected Items SINGAPORE STANDARD ON AUDITING SSA 501 Audit Evidence Specific Considerations for Selected Items This SSA 501 supersedes SSA 501 Audit Evidence Additional Considerations for Specific Items in September

More information

FRAMEWORK FOR THE PREPARATION OF ACCOUNTS. Best Practice Guidance

FRAMEWORK FOR THE PREPARATION OF ACCOUNTS. Best Practice Guidance FRAMEWORK FOR THE PREPARATION OF ACCOUNTS Best Practice Guidance Revised Edition April 2010 PUBLISHED IN APRIL 2010 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SCOTLAND This document is published by the

More information

Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards

Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards Overall Objectives of the Independent Auditor 77 AU-C Section 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance With Generally Accepted Auditing Standards Source:

More information

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 501 AUDIT EVIDENCE ADDITIONAL CONSIDERATIONS FOR SPECIFIC ITEMS CONTENTS

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 501 AUDIT EVIDENCE ADDITIONAL CONSIDERATIONS FOR SPECIFIC ITEMS CONTENTS INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 501 AUDIT EVIDENCE ADDITIONAL CONSIDERATIONS FOR SPECIFIC ITEMS CONTENTS Paragraph Introduction... 1-3 Part A: Attendance at Physical Inventory Counting...

More information

Agenda. 1. Auditor s Objectives. 2. Assertions CEAVOP. 3. Audit Procedures. 4. Audit Evidence

Agenda. 1. Auditor s Objectives. 2. Assertions CEAVOP. 3. Audit Procedures. 4. Audit Evidence Audit Evidence Agenda 1. Auditor s Objectives 2. Assertions CEAVOP 3. Audit Procedures 4. Audit Evidence Agenda 1. Auditor s Objectives 2. Assertions CEAVOP 3. Audit Procedures 4. Audit Evidence Auditor

More information

Supplementary Information in Relation to the Financial Statements as a Whole

Supplementary Information in Relation to the Financial Statements as a Whole Supplementary Information in Relation to the F/S 2237 AU Section 551 Supplementary Information in Relation to the Financial Statements as a Whole (With SAS No. 118, supersedes former section 551, Reporting

More information

Addressing Disclosures in the Audit of Financial Statements

Addressing Disclosures in the Audit of Financial Statements Exposure Draft May 2014 Comments due: September 11, 2014 Proposed Changes to the International Standards on Auditing (ISAs) Addressing Disclosures in the Audit of Financial Statements This Exposure Draft

More information

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 240 THE AUDITOR S RESPONSIBILITIES RELATING TO FRAUD IN AN AUDIT OF FINANCIAL STATEMENTS

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 240 THE AUDITOR S RESPONSIBILITIES RELATING TO FRAUD IN AN AUDIT OF FINANCIAL STATEMENTS INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 240 Introduction THE AUDITOR S RESPONSIBILITIES RELATING TO FRAUD IN AN AUDIT OF FINANCIAL STATEMENTS (Effective for audits of financial statements for

More information

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities

Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small- and Medium-Entities Illustrative Financial Statements This component of the toolkit contains sample financial

More information

INTERNATIONAL STANDARD ON AUDITING 250 CONSIDERATION OF LAWS AND REGULATIONS IN AN AUDIT OF FINANCIAL STATEMENTS CONTENTS

INTERNATIONAL STANDARD ON AUDITING 250 CONSIDERATION OF LAWS AND REGULATIONS IN AN AUDIT OF FINANCIAL STATEMENTS CONTENTS INTERNATIONAL STANDARD ON AUDITING 250 CONSIDERATION OF LAWS AND REGULATIONS (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction

More information

INTERNATIONAL STANDARD ON AUDITING 700 (REVISED) FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS

INTERNATIONAL STANDARD ON AUDITING 700 (REVISED) FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS INTERNATIONAL STANDARD ON AUDITING 700 (REVISED) FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS (Effective for audits of financial statements for periods ending on or after December 15, 2016)

More information

CONTACT(S) Amy Bannister +44 (0) Kristy Robinson +44 (0)

CONTACT(S) Amy Bannister +44 (0) Kristy Robinson +44 (0) Agenda Paper 8 STAFF PAPER November 2013 Project Paper topic Disclosure Initiative Prepared for the Global Preparers Forum Meeting Materiality assessment of existing guidance CONTACT(S) Amy Bannister abannister@ifrs.org

More information

INTERNATIONAL STANDARD ON AUDITING 230 AUDIT DOCUMENTATION CONTENTS

INTERNATIONAL STANDARD ON AUDITING 230 AUDIT DOCUMENTATION CONTENTS INTERNATIONAL STANDARD ON AUDITING 230 AUDIT DOCUMENTATION (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this

More information

Confirmation requests ordinarily include management s authorisation to the respondent to disclose the information to the auditor.

Confirmation requests ordinarily include management s authorisation to the respondent to disclose the information to the auditor. BANK CONFIRMATION External confirmations are used as a mean of obtaining audit evidence in relation to account balances and their components. Audit evidence is more reliable when it is obtained from independent

More information

Plan for the audit of the 2011 financial statements

Plan for the audit of the 2011 financial statements INTERNATIONAL TRAINING CENTRE OF THE ILO Board of the Centre 73rd Session, Turin, 3-4 November 2011 CC 73/5/2 FOR INFORMATION FIFTH ITEM ON THE AGENDA Plan for the audit of the 2011 financial statements

More information

Going Concern. This SSA is revised in July 2015 and is effective for audits of financial statements for periods ending on or after 15 December 2016.

Going Concern. This SSA is revised in July 2015 and is effective for audits of financial statements for periods ending on or after 15 December 2016. SINGAPORE STANDARD ON AUDITING SSA 570 (Revised) Going Concern SSA 570, Going Concern superseded SSA 570 of the same title in September 2009. This SSA is revised in July 2015 and is effective for audits

More information

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 520 ANALYTICAL PROCEDURES CONTENTS

INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 520 ANALYTICAL PROCEDURES CONTENTS INTERNATIONAL STANDARD ON AUDITING (UK AND IRELAND) 520 ANALYTICAL PROCEDURES CONTENTS Paragraph Introduction... 1-3-4 Nature and Purpose of Analytical Procedures... 4-7 Analytical Procedures as Risk Assessment

More information

Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report

Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report Compiled Auditing Standard ASA 700 (July 2013) Auditing Standard ASA 700 Forming an Opinion and Reporting on a Financial Report This compilation was prepared on 1 July 2013 taking into account amendments

More information

Consideration of Laws and Regulations in an Audit of Financial Statements

Consideration of Laws and Regulations in an Audit of Financial Statements HKSA 250 Issued July 2009; revised July 2010 Effective for audits of financial statements for periods beginning on or after 15 December 2009 Hong Kong Standard on Auditing 250 Consideration of Laws and

More information

ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements

ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements ISA 700 (Revised) April 2015 International Standard on Auditing ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements Explanatory Foreword INTERNATIONAL STANDARD ON AUDITING 700 (REVISED)

More information

Section 20,400 General Audit Engagement Checklist (For Financial Statements With Periods Ending On or After December 15, 2012)

Section 20,400 General Audit Engagement Checklist (For Financial Statements With Periods Ending On or After December 15, 2012) 00-6 JAN 2013 General Audit Engagement Checklist (Ending on or After December 15, 2012) 20,401 Section 20,400 General Audit Engagement Checklist (For Financial Statements With Periods Ending On or After

More information

CPA Guidance: Sample Auditor s Reports Effective for accounting Periods commencing on or after 1 st October, 2012

CPA Guidance: Sample Auditor s Reports Effective for accounting Periods commencing on or after 1 st October, 2012 CPA Guidance: Sample Auditor s Reports Effective for accounting Periods commencing on or after 1 st October, 2012 February 2013 CONTENTS Page Introduction 4 Legislation governing the statutory auditor

More information

2. The audit of a self managed superannuation fund

2. The audit of a self managed superannuation fund 2. The audit of a self managed superannuation fund 2. The audit of a self managed superannuation fund 2:2 Introduction to this chapter 2:2 ASIC SMSF auditor registration 2:2 Overview of the audit of an

More information

Brief Outline of the Statements on Standards for Accounting and Review Services (SSARS)

Brief Outline of the Statements on Standards for Accounting and Review Services (SSARS) Brief Outline of the Statements on Standards for Accounting and Review Services (SSARS) AR Section 100 General: 1. Applies to compilations and reviews of nonpublic company financial statements. 2. Not

More information